Patience is the most important aspect in trading this setup.
Price has been slowly climbing to the resistance zone that extends from 0.7750 to 0.7830 - this is the red zone.
A support trendline has also been forming, it looks steep on the 1d chart, but on the 4h it is much clearer.
In my opinion, this trendline is crucial to the reversal of this pair.
When this trendline breaks, I will be looking to short it with a stop loss somewhere in the red area, and a target near the arrow point.
I will post another Idea then to show how my trade will be set up.
For now, keep your eye on this pair.
Be wary of fake outs, and monitor for correlation among other AUD pairs.
Price has been slowly climbing to the resistance zone that extends from 0.7750 to 0.7830 - this is the red zone.
A support trendline has also been forming, it looks steep on the 1d chart, but on the 4h it is much clearer.
In my opinion, this trendline is crucial to the reversal of this pair.
When this trendline breaks, I will be looking to short it with a stop loss somewhere in the red area, and a target near the arrow point.
I will post another Idea then to show how my trade will be set up.
For now, keep your eye on this pair.
Be wary of fake outs, and monitor for correlation among other AUD pairs.
